A British company has become the latest entrant in the ultra-competitive Bangkok property rental management market.
Hostmaker, which was born in London in 2014, claims to be a leading home rental management company where property owners can earn up to 30 percent higher yields with what is describes as variable income options.
According to its website the company appears to be aiming at the Airbnb-style short-term rental sector, although longer rentals appear to be part of its services too.
The company said that with more than 100,000 foreign professionals working in Thailand, demand for both central business district condos and singe houses exists for this market.
It also mentions the demand for rental condos near universities is growing.
However, it fails to mention what many Thailand property industry observers have noted as being a severe supply/demand imbalance in the property rental market, with more units for rent than potential tenants.
According to a Bloomberg report earlier this month, the startup is currently looking to raise more than US$ 32 million following a US$ $19 million ‘Series B’ funding round that was completed in November 2017.
Nakul Sharma, the Chief Executive Officer of Hostmaker, said his company knows the pain points from on-hand experience, since he and his wife were hosts for Airbnb.
He created the business that would solve all the problems, he said.
This is the company’s first venture into Asia, having already established itself in nine cities in six European countries.
A search on the company’s website indicated it does not have any Bangkok rental properties listed at present, and that it is currently seeking a General Manager for its Thailand operations.
Hostmaker claims it has partnered with prolific Thailand property developer Sansiri, having previously signed an agreement with Marriott International.
“Sansiri’s expertise in Thailand’s real estate market, and a strong audience in local, international and expatriates, combined with our experience and achievement in Europe, is a perfect formula for a groundbreaking project in Bangkok,” added Sharma.
Given Hostmaker’s background iwith Airbnb rentals, Sansiri’s association with this company adds further credibility to the fact that short-term rentals in Thailand are not illegal.